Even though Reddit has announced it would be winding down its crypto reward scheme, if you still have some r/CryptoCurrency Moons (MOON) sitting around and want to turn them into crypto or cash you can—but you only have this week to do so.
Launched back in 2020, MOON is a cryptocurrency running on Ethereum’s blockchain. The tokens were awarded to those who contribute to the cryptocurrency section of the social media site.
But Reddit said it was scrapping the idea last month and as a result, the price of the asset has plunged: it’s down nearly 70% in the past 30 days, CoinGecko data shows.
As as of this week, users won’t be able to send the tokens within the app.
Though it’s not all bad news. Users still have a few days to back up their seed wallet and put their MOON in another wallet (MetaMask is the best bet) where the asset could be converted into something more valuable.
Here’s how to do it.
When the tokens first launched, it was a convoluted and risky process to turn them into cash. But MOON is now more mainstream and was in August even listed on top American crypto exchange Kraken.
So let’s start there. Kraken, one of the biggest crypto brands in the U.S., has a convert feature where one can swap between the major coins, tokens or fiat currency.
It’s easy enough to do—you’ll just need a MetaMask wallet to put the MOON. This can be a bit of a complicated process but there are plenty of explainers online.
Then, you just deposit your MOON from your Reddit wallet, hit convert, and turn the tokens into Bitcoin—or any other cryptocurrency—or dollars. It can then be cashed out.
The same can be done with another major centralized cryptocurrency exchange: Crypto.com. There, users can exchange their MOON for U.S. dollars. According to CoinGecko, in the past 24 hours, over $8,000 in trades between MOON and USD have taken place (CoinGecko has said the data may not be 100% accurate.)
RCP Swap is also an option. Here, you can’t exchange MOON—or BRICK—for fiat but you can for stablecoin USD Coin. By connecting a MetaMask wallet, you can also swap the Reddit tokens for Ethereum, Wrapped Ethereum or Dai’s stablecoin.
According to CoinGecko, you can also use Gate.io, Sushiswap, MEXC, Bitrue, and CoinEx to swap MOON for stablecoins or Ethereum.
But there isn’t much time left before Reddit completely sunsets the crypto feature—so cash out while you can.
Edited by Ryan Ozawa.
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Source: https://decrypt.co/205389/convert-reddit-moons-into-bitcoin-cash-out
